Assetmark Inc. Takes Position in CareTrust REIT, Inc. (NASDAQ:CTRE)

Assetmark Inc. acquired a new position in CareTrust REIT, Inc. (NASDAQ:CTRE) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 23,640 shares of the real estate investment trust’s stock, valued at approximately $730,000.

Several other hedge funds have also recently made changes to their positions in the business. CWM LLC boosted its position in shares of CareTrust REIT by 16.8% during the third quarter. CWM LLC now owns 3,244 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 467 shares during the last quarter. United Services Automobile Association grew its holdings in CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 540 shares in the last quarter. US Bancorp DE boosted its position in shares of CareTrust REIT by 6.2% during the 3rd quarter. US Bancorp DE now owns 11,786 shares of the real estate investment trust’s stock valued at $364,000 after acquiring an additional 692 shares during the last quarter. Blue Trust Inc. boosted its position in shares of CareTrust REIT by 178.3% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 772 shares during the last quarter. Finally, Signaturefd LLC lifted its position in CareTrust REIT by 55.0% in the 3rd quarter. Signaturefd LLC now owns 2,185 shares of the real estate investment trust’s stock worth $67,000 after buying an additional 775 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. BMO Capital Markets increased their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada increased their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, KeyCorp raised their price target on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT has an average rating of “Moderate Buy” and an average target price of $31.00.

Insider Buying and Selling at CareTrust REIT

In other news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. This trade represents a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.75% of the stock is currently owned by insiders.

CareTrust REIT Price Performance

CTRE stock opened at $30.35 on Friday. The firm has a market capitalization of $5.20 billion, a PE ratio of 42.15 and a beta of 1.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. CareTrust REIT, Inc. has a 1 year low of $20.10 and a 1 year high of $33.15. The business has a 50 day simple moving average of $30.75 and a 200-day simple moving average of $27.92.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. The company had revenue of $77.38 million for the quarter, compared to analysts’ expectations of $74.12 million. During the same period in the prior year, the business earned $0.35 EPS. Equities research analysts anticipate that CareTrust REIT, Inc. will post 1.5 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a yield of 3.82%. CareTrust REIT’s dividend payout ratio (DPR) is presently 161.11%.

CareTrust REIT Company Profile

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.